<SEC-DOCUMENT>0000829323-19-000074.txt : 20191114
<SEC-HEADER>0000829323-19-000074.hdr.sgml : 20191114
<ACCEPTANCE-DATETIME>20191114164823
ACCESSION NUMBER:		0000829323-19-000074
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20191114
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20191114
DATE AS OF CHANGE:		20191114

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Inuvo, Inc.
		CENTRAL INDEX KEY:			0000829323
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-ADVERTISING [7310]
		IRS NUMBER:				870450450
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32442
		FILM NUMBER:		191221223

	BUSINESS ADDRESS:	
		STREET 1:		500 PRESIDENT CLINTON AVE., STE. 300
		CITY:			LITTLE ROCK
		STATE:			AR
		ZIP:			72201
		BUSINESS PHONE:		501-205-8508

	MAIL ADDRESS:	
		STREET 1:		500 PRESIDENT CLINTON AVE., STE. 300
		CITY:			LITTLE ROCK
		STATE:			AR
		ZIP:			72201

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INUVO, INC.
		DATE OF NAME CHANGE:	20090810

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KOWABUNGA! INC.
		DATE OF NAME CHANGE:	20081106

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	THINK PARTNERSHIP INC
		DATE OF NAME CHANGE:	20060315
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8-kxearnings.htm
<DESCRIPTION>8-K
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd">
<html>
	<head>
		<!-- Document created using Wdesk 1 -->
		<!-- Copyright 2019 Workiva -->
		<title>Document</title>
	</head>
	<body style="font-family:Times New Roman;font-size:10pt;">
<div><a name="sB515A01DAB8D1B06B8AF6AFDC4F59CA7"></a></div><div></div><div><br></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:2pt;"><font style="font-family:inherit;font-size:2pt;"><br></font></div><div style="line-height:138%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">UNITED STATES</font></div><div style="line-height:138%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></div><div style="line-height:138%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Washington, DC 20549</font></div><div style="line-height:138%;text-align:left;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:138%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">FORM 8-K</font></div><div style="line-height:138%;text-align:center;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:138%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">CURRENT REPORT</font></div><div style="line-height:138%;text-align:center;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:138%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></div><div style="line-height:138%;text-align:center;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:138%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Date of Report (Date of earliest event reported)</font><font style="font-family:inherit;font-size:10pt;">&#32;November 14,</font><font style="font-family:inherit;font-size:10pt;">&#32;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">2019</font></div><div style="line-height:138%;text-align:left;-sec-extract:summary;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:138%;text-align:center;-sec-extract:summary;"><img src="form8kearningsimage1.gif" alt="form8kearningsimage1.gif" style="height:54px;width:174px;"></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">INUVO, INC.</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-style:italic;">(Exact name of registrant as specified in its charter)</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:33%;"></td><td style="width:33%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Nevada</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">001-32442</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">87-0450450</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-style:italic;">(State or other jurisdiction of incorporation or organization)</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-style:italic;">(Commission File Number)</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-style:italic;">(I.R.S. Employer Identification No.)</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">500 President Clinton Boulevard, Suite 300, Little Rock, AR 72201</font></div><div style="line-height:120%;text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;">(Address of principal executive offices)(Zip Code)</font></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Registrant's telephone number, including area code:  </font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">(501) 205-8508</font></div><div style="line-height:138%;text-align:left;-sec-extract:summary;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">not applicable</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-style:italic;">(Former name or former address, if changed since last report)</font></div></td></tr></table></div></div><div style="line-height:138%;text-align:left;-sec-extract:summary;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:138%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</font></div><div style="line-height:138%;text-align:left;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:138%;text-align:left;font-size:12pt;"><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">o</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div><div style="line-height:100%;text-align:left;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:138%;text-align:left;font-size:12pt;"><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">o</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div><div style="line-height:100%;text-align:left;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:138%;text-align:left;font-size:12pt;"><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">o</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div><div style="line-height:100%;text-align:left;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:138%;text-align:left;font-size:12pt;"><font style="font-family:Wingdings;font-size:12pt;font-weight:bold;">o</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div><div style="line-height:138%;text-align:left;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Securities registered pursuant to Section 12(b) of the Act:</font></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:37%;"></td><td style="width:25%;"></td><td style="width:38%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Title of each class</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Trading Symbol(s)</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Name of each exchange on which registered</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">common</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">INUV</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">NYSE American</font></div></td></tr></table></div></div><div><br></div><div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:138%;text-align:left;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</font></div><div style="line-height:100%;text-align:justify;padding-left:49px;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Emerging growth company  </font><font style="font-family:Wingdings;font-size:10pt;">o</font></div></td></tr></table></div></div><div style="line-height:100%;text-align:left;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&#160;</font><font style="font-family:Wingdings;font-size:10pt;">&#168;</font></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">ITEM 2.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;RESULTS OF OPERATIONS AND FINANCIAL CONDITION.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;text-indent:57px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On November 14, 2019, Inuvo, Inc. issued an earnings release regarding financial performance for Q3 2019 and held a management conference call to discuss the results and the outlook of the Company. Copies of the earnings release and the script of the Company&#8217;s management for the conference call is being furnished herewith as Exhibits 99.1 and 99.2 respectively.</font></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The information in this Current Report on Form 8-K under this caption and accompanying exhibits are being furnished under Item 2.02 and shall not be deemed to be &#8220;filed&#8221; for the purposes of Section18 of the Securities Exchange Act of 1934 (the &#8220;Exchange Act&#8221;), or otherwise subject to the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933 (the &#8220;Securities Act&#8221;) or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.</font></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company made reference to non-GAAP financial information in the conference call. A reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures is contained in the press release announcing Q3 2019 financial results.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">ITEM 7.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;REGULATION FD DISCLOSURE.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On November 14, 2019, the Company held a management conference call to discuss the Company's financial results for Q3 2019, the outlook of the Company and certain other matters.</font></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">A copy of the script for the conference call is attached as Exhibit 99.2 and is incorporated by reference into this Current Report on Form 8-K.</font></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The information in this Current Report on Form 8-K and accompanying exhibit is being furnished and shall not be deemed to be &#8220;filed&#8221; for the purposes of Section18 of the Exchange Act, or otherwise subject to the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">ITEM 9.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;FINANCIAL STATEMENTS AND EXHIBITS</font></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Exhibits.</font></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:8%;"></td><td style="width:3%;"></td><td style="width:89%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;text-decoration:underline;">Exhibit No.&#160;&#160;&#160;&#160;Description</font></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">99.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><a style="text-decoration:underline;color:#0000FF;font-size:8pt;-sec-extract:exhibit;" href="inuv_prxq32019-final.htm"><font style="font-family:inherit;font-size:8pt;">Earnings Release for Q3 2019</font></a><font style="font-family:inherit;font-size:8pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">99.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><a style="text-decoration:underline;color:#0000FF;font-size:8pt;-sec-extract:exhibit;" href="a2019q3callscriptfinal.htm"><font style="font-family:inherit;font-size:8pt;">Conference Call Script.</font></a></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td style="width:100%;"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">SIGNATURES</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div><br></div><div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;text-align:left;text-indent:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="4"></td></tr><tr><td style="width:48%;"></td><td style="width:4%;"></td><td style="width:24%;"></td><td style="width:24%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">INUVO, INC.</font></div><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Date:&#160;November 14, 2019</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">By:</font></div></td><td style="vertical-align:top;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">/s/ John B. Pisaris</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; John B. Pisaris, General Counsel</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:2pt;"><font style="font-family:inherit;font-size:2pt;"><br></font></div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">EXHIBIT INDEX</font></div><div style="line-height:120%;text-align:center;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">99.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Earnings Release for Q3 2019</font></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">99.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Conference Call Script.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;color:#333333;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div><div style="line-height:120%;text-align:right;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:138%;text-align:left;-sec-extract:summary;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><br></div><div></div>	</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>inuv_prxq32019-final.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd">
<html>
	<head>
		<!-- Document created using Wdesk 1 -->
		<!-- Copyright 2019 Workiva -->
		<title>Exhibit</title>
	</head>
	<body style="font-family:Times New Roman;font-size:10pt;">
<div><a name="s33E3A365055C759A3B6E6B71A75F7AA8"></a></div><div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:20px;text-align:center;font-size:18pt;"><font style="font-family:inherit;font-size:18pt;background-color:#ffffff;color:#16272a;font-weight:bold;">Inuvo Provides Shareholder Update on Artificial Intelligence Platform, IntentKey&#8482;, and Reports Financial Results for the Period Ending September 30, 2019</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">LITTLE ROCK, Ark., November 14, 2019 (GLOBE NEWSWIRE)</font><font style="font-family:inherit;font-size:11pt;">&#32;-- Inuvo, Inc. (NYSE American: INUV), a leading provider of marketing technology, powered by artificial intelligence that serves brands and agencies, reported its financial results for the third quarter and nine months ended September 30, 2019. </font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#8220;Revenue during the third quarter 2019 from the IntentKey revenue stream increased 61.6% year-over-year and approximately 30% sequentially,&#8221; stated Richard Howe, Chairman and CEO of Inuvo. &#8220;We are pleased with the IntentKey&#8217;s progress year to date and continue to build onto this machine learning platform. We believe that our integration of Connected TV media inventory and the release of IntentCloud&#8482; provides our customers broader reach, faster targeting and increased efficiencies.  Our unaudited preliminary total revenue was $6 million in October 2019, which should put us within the vicinity of $18 million in the fourth quarter, or approximately 30% sequentially from the $13.8 million of net revenue in third quarter of 2019,&#8221; continued Mr. Howe.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Financial Results for the Three and Nine Months Ended September 30, 2019 and 2018:</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Net revenue for the third quarter of 2019 totaled $13.8 million as compared to $16.8 million for the same period in 2018, a decrease of 17.9%. Net revenue for the nine months ended September 30, 2019 totaled $43.3 million as compared to $56.3 million for the same period in 2018, a decrease of 23.1%. We experienced lower year over year revenue due to the previously announced strategy to reduce focus on the non-strategic publisher side technologies and to the elimination of lower quality revenue streams.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">IntentKey revenue was approximately $2.6 million, an increase of 61.6% in the third quarter of 2019 as compared to the same period last year. Revenue for the nine months ended September 30, 2019 totaled $5.9 million. Following the </font><font style="font-family:inherit;font-size:11pt;color:#16272a;">integration with the</font><font style="font-family:inherit;font-size:11pt;">&#32;</font><font style="font-family:inherit;font-size:11pt;color:#16272a;">AppNexus Platform in the first quarter of 2019, the IntentKey has continued to deliver strong results for clients with a</font><font style="font-family:inherit;font-size:11pt;">&#32;compounded </font><font style="font-family:inherit;font-size:11pt;color:#16272a;">sequential quarterly growth rate in 2019 that is expected to be approximately 30% and first full year revenues of approximately $8.6 million. </font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Cost of revenue decreased 20.0% and 21.2% year-over-year for the three and nine months ended September 30, 2019 respectively due primarily to lower revenue.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Operating expenses for the three and nine months ended September 30, 2019, decreased 6.2% and 14.1% compared to the same periods 2018.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Marketing costs decreased 16.2% and 20.0% in the three and nine months ended September 30, 2019, respectively, compared to the same period in 2018. The decrease in marketing costs was due to adjusting traffic acquisition campaigns as a result of lower monetization described above.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Compensation expense increased 21.0% in the three months ended September 30, 2019 and decreased 15.1% in the nine months ended September 30, 2019 compared to the same periods in 2018. The reason for the higher expense this year despite a lower payroll is due to higher stock-based compensation this year and the reversal of incentive plan expense in the prior year. </font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Selling, general and administrative costs for the three and nine months ended September 30, 2019 increased 12.0% and 11.8% respectively, over the same time periods in 2018. The increase in the third quarter this year is primarily due to expenses associated with the company&#8217;s equity financing and legal settlement. The increase in the nine-month period this year is primarily due to $1 million of expense incurred related to the mergers which were terminated in June 2019.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Other income, net, was $3.3 million for the three and nine months ended September 30, 2019 and represents the one-time gain recognized for the merger termination fee and the one-time excess fair value over assets received for an acquired business, offset by $460,800 in expense from the derivative liability.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div><br></div><div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Net income for the three months ended September 30, 2019 totaled $787,900 as compared to a net loss of $1.4 million for the same period the prior year. Net loss for the nine months ended September 30, 2019 totaled $3.6 million as compared to a net loss of $3.7 million for the same period the prior year. </font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Cash as of September 30, 2019 totaled $714,063 as compared to $228,956 as of December 31, 2018.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The preliminary financial information in this press release has been prepared internally by management and has not been reviewed or audited by our independent registered public accounting firm.  There can be no assurance that actual results will not differ from the preliminary financial information presented herein and such changes could be material.  This preliminary financial data should not be viewed as a substitute for full financial statements prepared in accordance with GAAP and is not necessarily indicative of the results to be achieved for any future period.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Conference Call Details:</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;color:#16272a;">Management will host a conference call on Thursday, November 14, 2019 at 4:30 p.m. Eastern time to discuss its financial results for the third quarter ended September 30, 2019 and provide a business update.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><font style="font-family:inherit;font-size:11pt;color:#111111;font-weight:bold;">Date:</font><font style="font-family:inherit;font-size:11pt;color:#16272a;">&#160;Thursday, November 14, 2019</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><font style="font-family:inherit;font-size:11pt;color:#111111;font-weight:bold;">Time:</font><font style="font-family:inherit;font-size:11pt;color:#16272a;">&#160;4:30 p.m. Eastern Time</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><font style="font-family:inherit;font-size:11pt;color:#111111;font-weight:bold;">Toll-free Dial-in Number:</font><font style="font-family:inherit;font-size:11pt;color:#16272a;">&#160;1-800-239-9838</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><font style="font-family:inherit;font-size:11pt;color:#111111;font-weight:bold;">International Dial-in Number:</font><font style="font-family:inherit;font-size:11pt;color:#16272a;">&#160;1-323-794-2551</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><font style="font-family:inherit;font-size:11pt;color:#111111;font-weight:bold;">Conference ID:</font><font style="font-family:inherit;font-size:11pt;color:#16272a;">&#160;8961685</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><font style="font-family:inherit;font-size:11pt;color:#111111;font-weight:bold;">Live Webcast:</font><font style="font-family:inherit;font-size:11pt;color:#16272a;">&#160;</font><font style="font-family:inherit;font-size:11pt;">https://investor.inuvo.com/ir-calendar</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;color:#16272a;">A telephone replay will be available through November 28, 2019. To access the replay, please dial 1-844-512-2921 (domestic) or 1-412-317-6671 (international). At the system prompt, enter the code 8961685 followed by the # sign. You will then be prompted for your name, company and phone number. Playback will then automatically begin.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">About Inuvo</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Inuvo&#174;, Inc. (NYSE American: INUV) is a market leader in artificial intelligence, aligning and delivering consumer-oriented product &amp; brand messaging strategies online based on powerful, anonymous and proprietary consumer intent data for agencies, advertisers and partners. To learn more, visit www.inuvo.com.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">About the IntentKey</font><font style="font-family:inherit;font-size:11pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">TM</sup></font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">&#32;</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Inuvo&#174;</font><font style="font-family:inherit;font-size:11pt;background-color:#ffffff;color:#16272a;">&#8217;s IntentKey</font><font style="font-family:inherit;font-size:11pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">TM</sup></font><font style="font-family:inherit;font-size:11pt;color:#16272a;">&#32;</font><font style="font-family:inherit;font-size:11pt;background-color:#ffffff;color:#16272a;">is a patented, machine-learning technology designed to mirror the manner in which the human brain instantly associates ideas, emotions, places, people, and objects. It creates an accurate, high-definition picture of consumer intent and sentiment related to a particular topic or item. Inuvo harnesses the power of the IntentKey</font><font style="font-family:inherit;font-size:11pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">TM</sup></font><font style="font-family:inherit;font-size:11pt;color:#16272a;">&#32;</font><font style="font-family:inherit;font-size:11pt;background-color:#ffffff;color:#16272a;">to discover and reach high volumes of incremental in-market and relevant audiences that are hidden from typical marketing approaches. The IntentKey</font><font style="font-family:inherit;font-size:11pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">TM</sup></font><font style="font-family:inherit;font-size:11pt;color:#16272a;">&#32;</font><font style="font-family:inherit;font-size:11pt;background-color:#ffffff;color:#16272a;">enables pinpoint media execution reaching consumers throughout the purchasing funnel all the way to conversion.</font></div><div><br></div><div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Safe Harbor / Forward-Looking Statements</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;background-color:#ffffff;">This press release contains certain forward-looking statements that are based upon current expectations and involve certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words or expressions such as "anticipate," "plan," "will," "intend," "believe" or "expect" or variations of such words and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including, without limitation, statements made with respect to expectations with respect to the results of revenues from IntentKey in future periods, our preliminary financial results, our lack of profitable operating history, changes in our business, potential need for additional capital, and other risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2018 as filed with the SEC on March 15, 2019, and our subsequent filings with the SEC. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, many of which are generally outside the control of Inuvo and are difficult to predict. Inuvo undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Inuvo Company Contact: </font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Wally Ruiz  </font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Chief Financial Officer </font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Tel (501) 205-8397 </font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">wallace.ruiz@inuvo.com</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Investor Relations: </font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">KCSA Strategic Communications</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Valter Pinto, Managing Director</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Tel (212) 896-1254</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Valter@KCSA.com</font></div><div><br></div><div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-left:6px;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17"></td></tr><tr><td style="width:34%;"></td><td style="width:2%;"></td><td style="width:1%;"></td><td style="width:12%;"></td><td style="width:1%;"></td><td style="width:3%;"></td><td style="width:1%;"></td><td style="width:12%;"></td><td style="width:1%;"></td><td style="width:2%;"></td><td style="width:1%;"></td><td style="width:13%;"></td><td style="width:1%;"></td><td style="width:2%;"></td><td style="width:1%;"></td><td style="width:12%;"></td><td style="width:1%;"></td></tr><tr><td colspan="17" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td colspan="17" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">INUVO, INC.</font></div><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">CONSOLIDATED STATEMENTS OF OPERATIONS</font></div><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">(Unaudited)</font></div></td></tr><tr><td colspan="17" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:13px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Three Months Ended</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Nine Months Ended</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">September 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">September 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">September 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">September 30,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">2018</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Net revenue</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">$13,789,754</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">$16,806,170</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;text-indent:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">$43,302,230</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;text-indent:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">$56,315,006</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Cost of revenue</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;text-indent:21px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">4,955,508</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;text-indent:21px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6,196,057</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;text-indent:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">17,310,496</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">21,965,955</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Gross profit</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;text-indent:21px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">8,834,246</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;text-indent:21px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">10,610,113</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">25,991,734</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">34,349,051</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Operating expenses</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;padding-left:10px;text-indent:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Marketing costs (traffic acquisition        costs or TAC)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6,940,772</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">8,285,465</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">20,013,117</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">25,025,922</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;text-indent:16px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Compensation</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2,186,252</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">1,806,111</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">5,730,297</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;text-indent:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6,749,280</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;text-indent:16px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Selling, general and administrative</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">2,081,547</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">1,859,020</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">6,672,115</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;text-indent:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">5,968,233</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Total operating expenses</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">11,208,571</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">11,950,596</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">32,415,529</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;text-indent:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">37,743,435</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Operating loss</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(2,374,325)</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(1,340,483)</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;text-indent:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(6,423,795)</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;text-indent:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(3,394,384)</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Interest expense, net</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;text-indent:24px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(143,642)</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;text-indent:29px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(101,167)</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;text-indent:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(511,558)</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;text-indent:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(296,612)</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Other income, net</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3,305,867</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">-</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">3,305,867</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">-</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Income (loss) before taxes</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">787,900</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(1,441,650)</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(3,629,486)</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;</font></div><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(3,690,996)</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Income tax benefit</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">-</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">-</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">- </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">8,625 </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Net income (loss)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">787,900</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(1,441,650)</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;(3,629,486)</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;(3,682,371)</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Earnings per share, basic and diluted</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Net income (loss)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">$0.02</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:3px double #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">($0.040</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">($0.100</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">($0.120</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Weighted average shares outstanding</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;text-indent:16px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Basic</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">46,218,413</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">32,316,988</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">37,079,457</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">30,540,796</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;text-indent:16px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Diluted</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;text-indent:16px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">51,019,631</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;text-indent:16px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">32,316,988</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;text-indent:16px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">37,079,457</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;text-indent:16px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">30,540,796</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div><a name="sAA68744DF55E256774736B71A796FA8D"></a></div><div style="line-height:120%;padding-left:6px;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17"></td></tr><tr><td style="width:35%;"></td><td style="width:3%;"></td><td style="width:1%;"></td><td style="width:12%;"></td><td style="width:1%;"></td><td style="width:2%;"></td><td style="width:1%;"></td><td style="width:12%;"></td><td style="width:1%;"></td><td style="width:2%;"></td><td style="width:1%;"></td><td style="width:12%;"></td><td style="width:1%;"></td><td style="width:2%;"></td><td style="width:1%;"></td><td style="width:12%;"></td><td style="width:1%;"></td></tr><tr><td colspan="17" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;font-weight:bold;">RECONCILIATION OF INCOME (LOSS) BEFORE TAXES TO EBITDA and ADJUSTED EBITDA</font></div></td></tr><tr><td colspan="17" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">(Unaudited)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">Three Months Ended</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">Nine Months Ended</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">September 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">September 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">September 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">September 30,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">2018</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">Income (loss) before taxes</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">$787,900</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">($1,441,650</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">($3,629,486</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">($3,690,996</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">Interest expense, net</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">143,642</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">101,167</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">511,558</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">296,612</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">Depreciation</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">412,660</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">457,272</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">1,286,086</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">1,343,247</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">Amortization</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">381,924</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">337,626</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">1,012,878</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">1,028,711</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">EBITDA</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">1,726,126</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;text-indent:2px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">(545,585)</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">(818,934)</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">(1,022,426)</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">Stock-based compensation</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">447,937</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">159,799</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">594,630</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">827,595</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;padding-left:5px;text-indent:-6px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">Non-recurring expense:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;padding-left:17px;text-indent:-18px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">Costs incurred during the Terminated Merger</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">104,014</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">991,158</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;padding-left:17px;text-indent:-18px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">Merger Termination Fee</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">(2,800,000)</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">(2,800,000)</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;padding-left:17px;text-indent:-18px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">Retargeter fair value over contractual value</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">(958,288)</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">(958,288)</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;padding-left:17px;text-indent:-18px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">Derivative liability</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">460,800</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">460,800</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;padding-left:17px;text-indent:-18px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">Settlement of class action suit related to Terminated Merger</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">250,000</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">250,000</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">Adjusted EBITDA</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">($769,411</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">($385,786</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">($2,280,664</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">($194,831</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;color:#16272a;">)</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Reconciliation of Income (loss) before Taxes to EBITDA and Adjusted EBITDA</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">We present EBITDA and Adjusted EBITDA as a supplemental measure of our performance. We defined EBITDA as net income (loss) before taxes plus (i) interest expense, net, (ii) depreciation, (iii) amortization and (iv) other income, net. We further define Adjusted EBITDA as EBITDA plus (v) stock-based compensation and (vi) certain identified expenses that are not expected to recur or be representative of future ongoing operation of the business. These adjustments are itemized above. You are encouraged to evaluate these adjustments and the reasons we consider them appropriate for supplemental analysis. In evaluating EBITDA and Adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same or similar to some of the adjustments in the presentation. Our presentation of EBITDA and Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div><br></div><div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div>	</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>a2019q3callscriptfinal.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd">
<html>
	<head>
		<!-- Document created using Wdesk 1 -->
		<!-- Copyright 2019 Workiva -->
		<title>Exhibit</title>
	</head>
	<body style="font-family:Times New Roman;font-size:10pt;">
<div><a name="s9D5911A6E0AB5B02473E6BBDFA0DA2FF"></a></div><div><div style="line-height:120%;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:50%;"></td><td style="width:50%;"></td></tr><tr><td style="vertical-align:top;background-color:#000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;color:#ffffff;">Inuvo, Inc.</font></div><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;color:#ffffff;">Third Quarter 2019 </font></div><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;color:#ffffff;">November 14, 2019</font></div><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></td><td style="vertical-align:middle;background-color:#000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;"><img src="a2019q3callscriptfina_image1.gif" alt="a2019q3callscriptfina_image1.gif" style="height:28px;width:98px;"></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:justify;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;font-weight:bold;">Operator Comments:</font></div><div style="line-height:180%;text-align:justify;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:justify;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">Good afternoon, and welcome to the INUVO&#8217;s 2019 Third Quarter Conference Call.  Today&#8217;s conference is being recorded.  At this time, I would like to turn the call over to Mr. Valter Pinto of </font><font style="font-family:inherit;font-size:12pt;">KCSA Strategic Communications</font><font style="font-family:Arial;font-size:12pt;">.  Please go ahead, sir.</font></div><div style="line-height:180%;text-align:justify;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">&#160;</font></div><div style="line-height:180%;text-align:justify;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;font-weight:bold;">Valter Pinto (Investor Relations) Comments:</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:justify;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">Thank you, Operator and good afternoon.  I&#8217;d like to thank everyone for joining us today for the INUVO third quarter 2019 shareholder update call.  Today, INUVO&#8217;s Chief Executive Officer Richard Howe and Chief Financial Officer Wally Ruiz will be your presenters on the call.</font></div><div style="line-height:180%;text-align:justify;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">Before we begin, I&#8217;m going to review the Company&#8217;s Safe Harbor statement.  The statements in this conference call that are not descriptions of historical facts are forward-looking statements relating to future events and, as such, all forward-looking statements are made pursuant to the Securities Litigation Reform Act of 1995.  These forward-looking statements are subject to risks and uncertainties and actual results may differ materially.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;</font><font style="font-family:Arial;font-size:12pt;">When used in this call, the words anticipate, could, enable, estimate, intend, expect, believe, potential, will, should, project, and similar expressions as they relate to INUVO, Inc., are, as such, a forward-looking statement.  Investors are cautioned that all forward-looking statements involve risks and uncertainties which may cause actual results to differ from those anticipated by INUVO at this time.  In addition, other risks are more fully described in INUVO's public filings with the US Securities and Exchange Commission, which can be reviewed at www.sec.gov.</font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">With that, I&#8217;ll now turn the call over to CEO Richard Howe.  </font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#160;</font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Richard Howe (CEO) Comments: </font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">Thank you Valter and thanks everyone for joining us today. </font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div><br></div><div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:50%;"></td><td style="width:50%;"></td></tr><tr><td style="vertical-align:top;background-color:#000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;color:#ffffff;">Inuvo, Inc.</font></div><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;color:#ffffff;">Third Quarter 2019 </font></div><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;color:#ffffff;">November 14, 2019</font></div><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></td><td style="vertical-align:middle;background-color:#000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;"><img src="a2019q3callscriptfina_image1.gif" alt="a2019q3callscriptfina_image1.gif" style="height:28px;width:98px;"></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">For the three months ended September 30, 2019, we delivered $13.8 million in Revenue compared to $14 million and $16.8 million for the three months ended June 30, 2019 and September 30, 2018, respectively. </font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">For the nine months ended September 30, 2019, we reported revenue of $43.3 million compared to $56.3 million for the nine months ended September 30, 2018. </font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">Overall gross margins, net of traffic acquisition costs, was approximately 64% for the third quarter. As we have discussed in the past, traffic acquisition costs are reported in our operating expenses.</font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">Lower year-over-year revenues in the nine months and third quarter come from declines in the ValidClick revenue streams and from attrition associated with a business line we began deemphasizing in 2018.  </font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">For additional context, this latter business line contributed approximately $11.3M in 2017, $5.8M in 2018 and is expected to produce $2.4M in 2019. We will talk more about the ValidClick business later in the script. </font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">In the quarter, the ValidClick revenue streams delivered $11.2M and the IntentKey delivered $2.6M. The IntentKey was in line with expectations. </font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">As Wally will discuss in more detail later, we did have a positive Net Income of roughly $800K in the Quarter, or approximately $0.02 / share. We had a negative Adjusted EBITDA of approximately $769K. Net Income in the quarter was positively impacted by other income associated with the termination of the merger in June 2019.</font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">Revenue within the quarter was $4M in July, $4.7M in August and $5.1M in September. Unaudited October Revenue looks to be coming in around $6M. </font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">As we reiterated on our Q2 conference call, our ValidClick business remains an important component in the overall business strategy. We continue to see opportunities within these </font></div><div><br></div><div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:50%;"></td><td style="width:50%;"></td></tr><tr><td style="vertical-align:top;background-color:#000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;color:#ffffff;">Inuvo, Inc.</font></div><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;color:#ffffff;">Third Quarter 2019 </font></div><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;color:#ffffff;">November 14, 2019</font></div><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></td><td style="vertical-align:middle;background-color:#000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;"><img src="a2019q3callscriptfina_image1.gif" alt="a2019q3callscriptfina_image1.gif" style="height:28px;width:98px;"></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">revenue streams with an overarching objective to manage towards stable revenue sources that can deliver approximately $50M annually with improving Gross Margins.  </font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">As mentioned earlier, the ValidClick revenue streams generated roughly $11.2M in the third quarter, down from approximately $12M in the second quarter. The primary reason for the difference between the quarters was from the elimination of lower quality revenue streams. </font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">You will recall that our partners effectively purchase leads from the ValidClick system in real time. Those leads are scored for quality by our partners. The better the quality, the better the price and margin. </font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">The publishing component of this business, principally the ALOT web properties, delivered approximately $320K of revenue in the quarter. This publishing asset has become less strategic as we have shifted resources towards the IntentKey and as a result we are exploring the potential sale of this component of our business. </font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">Our major supplier relationships within ValidClick remain intact and we do not presently see material risks associated with our contracts, one of which renews in late 2020 and another in early 2021. A third contract is in negotiation presently.</font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">The ValidClick business did approximately $3.2M, $3.7M and $4.3M in July, August and September respectively. Unaudited October revenue came in around $5.2M. </font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">We had another strong quarter for the IntentKey with $2.6M of revenue, up 30% sequentially. Unaudited October revenue was roughly $850K, in line with the $856K monthly average from the third quarter. </font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">As we have discussed previously, our primary mission within this business is the hiring of sales professionals. Our current revenue model for this business calls for the hiring of 10 such sale professionals between now and June 2020. </font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div><br></div><div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:50%;"></td><td style="width:50%;"></td></tr><tr><td style="vertical-align:top;background-color:#000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;color:#ffffff;">Inuvo, Inc.</font></div><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;color:#ffffff;">Third Quarter 2019 </font></div><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;color:#ffffff;">November 14, 2019</font></div><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></td><td style="vertical-align:middle;background-color:#000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;"><img src="a2019q3callscriptfina_image1.gif" alt="a2019q3callscriptfina_image1.gif" style="height:28px;width:98px;"></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">We hired one in both September and October and expect to hire at least one more before the end of the year. The faster we find qualified candidates, the faster their efforts contribute to 2020 revenue plans. </font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">Win rates on IntentKey business opportunities has risen from 44% in the first quarter of 2019 to 67% in the third quarter of 2019. Win rates can vary materially based on timing, the quality of the sales representatives, the sophistication of the buyer and the competitive landscape. </font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">These win rates on IntentKey sales have been increasing throughout the year. Our typical sales cycle involves the submission of an RFP. As we hire more salespeople, we should increase the number of RFP submissions. If win rates remain within current ranges, we should be able to scale as predicted. </font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">Among the many deals signed this quarter, we added notable clients that included a car manufacturer, our second insurance company, a well-known hotel chain, a state department of transportation, another state department of tourism and a very well known nonprofit. </font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">Our client base in 2019 has been growing at roughly 20% month over month and our performance results has averaged in excess of 30% above client expectations. </font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">Gross margins in this business have continued to increase. Through October, gross margins have averaged 23%. Between July and October, margins have averaged 28%.  </font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">Within our account base we have accounts with margins as low as 10% and accounts with margins as high as 60%. Typically, account margins start low and move upwards as the IntentKey AI begins to learn and improve. </font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">The current margin trajectory is growing and in addition to the typical margin growth associated with client maturity, we expect the recently announced plans to upgrade the IntentKey infrastructure through the IntentCloud, to also improve margins through a reduction in processing costs and faster execution on media opportunities for clients.  </font></div><div><br></div><div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:50%;"></td><td style="width:50%;"></td></tr><tr><td style="vertical-align:top;background-color:#000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;color:#ffffff;">Inuvo, Inc.</font></div><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;color:#ffffff;">Third Quarter 2019 </font></div><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;color:#ffffff;">November 14, 2019</font></div><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></td><td style="vertical-align:middle;background-color:#000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;"><img src="a2019q3callscriptfina_image1.gif" alt="a2019q3callscriptfina_image1.gif" style="height:28px;width:98px;"></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">I would now like to turn the call over to Wally for a more detailed assessment of our financial performance within the quarter. </font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Wally Ruiz (CFO) Comments: </font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">Thank you, Rich, good afternoon everyone.&#160;I will recap the financial results of our third quarter. </font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">As Rich mentioned, Inuvo reported revenue of $13.8 million for the quarter ended September 30, 2019 and $43.3 million for the nine months ended September 30, 2019; this compares to $16.8 million reported in the third quarter of last year and $56.3 million reported in the first nine months of the previous year. </font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">The revenue decrease of approximately $3 million in the third quarter and $13 million in the first nine months of this year is primarily due to the ValidClick business where monetization was lower due to reducing low quality ads. Additionally, we made a decision last year to reduce emphasis on the Supply side of the business in favor of focusing IntentKey resources on the Demand or Advertiser side, where the IntentKey Data Platform solution has a considerable market advantage. This change resulted in a reduction of revenue in the current year third quarter of $446 thousand compared to the same quarter last year and $2.9 million in the first nine months of the current year compared to last year. </font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">As Rich mentioned, the overall revenue from the IntentKey business was approximately $2.6 million, 61.6% higher in the third quarter of 2019 compared to the same period last year, partially offsetting the lower ValidClick revenue. </font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">Following the integration with the AppNexus Platform in the first quarter of 2019, the IntentKey has continued to deliver strong results for clients with a sequential quarterly growth rate in 2019 that is expected to be approximately 30%.</font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div><br></div><div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:50%;"></td><td style="width:50%;"></td></tr><tr><td style="vertical-align:top;background-color:#000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;color:#ffffff;">Inuvo, Inc.</font></div><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;color:#ffffff;">Third Quarter 2019 </font></div><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;color:#ffffff;">November 14, 2019</font></div><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></td><td style="vertical-align:middle;background-color:#000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;"><img src="a2019q3callscriptfina_image1.gif" alt="a2019q3callscriptfina_image1.gif" style="height:28px;width:98px;"></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">Gross Margins increased in the third quarter to 64% compared to 63% in the same quarter last year due primarily to revenue mix, particularly due to higher ValidClick display revenue where we record its cost as marketing in operating expenses. </font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">Overall Operating expenses are comprised of Marketing costs, Compensation, and Selling, general &amp; administration expense. Operating expenses were $742 thousand lower in the third quarter of 2019 compared to the prior year, $11.2 million in the third quarter of this year versus $12 million in the same quarter last year. </font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">The marketing costs are primarily traffic acquisition costs associated with ValidClick. Marketing costs were 16% lower in the third quarter this year compared to the prior year due to lower ValidClick revenue. ValidClick revenue is generated predominately from ads served to web sites and therefore has a small cost of revenue associated with it as the expense is mostly marketing or traffic acquisition costs. </font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">Compensation expense was 21% higher in the third quarter this year compared to the prior year, despite a lower payroll, is due to stock-based compensation expense that accrued from modifications to outstanding restricted stock grants and to a reversal of accrued incentive pay in last year&#8217;s third quarter. The headcount at the end of September, both full-time and part-time was 58 compared to 65 in the prior year.</font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">Selling, general and administrative expense increased 12% in the third quarter this year compared to the prior year due primarily to expenses associated with the July equity raise and the settlement of a class action suit arising from the terminated merger agreement.</font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">Interest expense was $144 thousand in the third quarter of 2019 compared to $101 thousand in the same quarter last year due primarily to higher borrowing rates. </font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">We had Other Income of $3.3 million in the third quarter of this year. With the termination of the merger in June, the merger agreement stipulated that we were entitled to a termination fee of $2.8 million. </font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div><br></div><div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:50%;"></td><td style="width:50%;"></td></tr><tr><td style="vertical-align:top;background-color:#000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;color:#ffffff;">Inuvo, Inc.</font></div><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;color:#ffffff;">Third Quarter 2019 </font></div><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;color:#ffffff;">November 14, 2019</font></div><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></td><td style="vertical-align:middle;background-color:#000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;"><img src="a2019q3callscriptfina_image1.gif" alt="a2019q3callscriptfina_image1.gif" style="height:28px;width:98px;"></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">The termination fee was settled by cancelling a $1.1 million Note outstanding including interest that was due by November 2021. Additionally, the assets and customers of a business, initially valued at $1.6 million was transferred to INUVO. And finally, we were paid 50% of the $250,000 settlement of a class action suits filed as a result of the merger. </font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">We subsequently had an independent third-party value the transferred business, which was assessed at $2.6 million. The value greater than that determined in the merger termination fee was credited to Other Income. Other Income was also reduced by a $460 thousand dollar derivative liability that arose from the convertible feature of notes we issued in March of this year. </font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">We reported net income of $788 thousand or 2&#162; per diluted share.</font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">Our balance sheet at September 30, 2019, had cash and cash equivalents of $714 thousand and outstanding bank debt of $2.4 million and notes of $1.5 million. </font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">In July, we sold 15.8 million shares of our common stock in mid-July raising $4.7 million before expenses.</font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">In November, two of the convertible note holders agreed to convert $765,000, 53% of all convertible notes outstanding. Also in November, the $250,000 of notes payable outstanding to directors and officers was paid. </font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">As we begin hiring additional sales personnel and they proceed through their ramp up period, we expect to burn an average of $100 thousand per month to Q3 2020 when the gross margins on new IntentKey revenue begin to outpace the lag between a sales costs and productivity. We expect ValidClick revenue to be stable at current levels on an annualized basis. </font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">We believe the capital raised, along with available credit lines will provide us with adequate resources to execute on our plans. </font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div><br></div><div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:50%;"></td><td style="width:50%;"></td></tr><tr><td style="vertical-align:top;background-color:#000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;color:#ffffff;">Inuvo, Inc.</font></div><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;color:#ffffff;">Third Quarter 2019 </font></div><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;color:#ffffff;">November 14, 2019</font></div><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></td><td style="vertical-align:middle;background-color:#000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;"><img src="a2019q3callscriptfina_image1.gif" alt="a2019q3callscriptfina_image1.gif" style="height:28px;width:98px;"></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><div><br></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">Now, I&#8217;d like to turn the call back to Rich for closing remarks.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Richard Howe (CEO) Closing Comments: </font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">Thanks, Wally. </font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">As mentioned earlier, Unaudited October ValidClick and IntentKey revenue streams were </font><font style="font-family:inherit;font-size:12pt;background-color:#ffff00;">$5.2M</font><font style="font-family:inherit;font-size:12pt;">&#32;and </font><font style="font-family:inherit;font-size:12pt;background-color:#ffff00;">$850K</font><font style="font-family:inherit;font-size:12pt;">&#32;respectively. If we assume a flat revenue pattern for the remainder of the year, we would be within the vicinity of </font><font style="font-family:inherit;font-size:12pt;background-color:#ffff00;">$18M</font><font style="font-family:inherit;font-size:12pt;">&#32;in the fourth quarter or roughly </font><font style="font-family:inherit;font-size:12pt;background-color:#ffff00;">30%</font><font style="font-family:inherit;font-size:12pt;">&#32;growth sequentially. </font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">We remain focused on our plan to grow the business and have strategies in play to allow us to fund that growth until roughly Q3 2020 when we begin generating meaningful cash flow once again. </font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The Macro level trends within media, marketing and data continue to move in our favor as third party data providers come under increasing pressure and as agencies and brands struggle with the complexities associated with delivering direct to consumer marketing results. </font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">With that, I&#8217;d like to turn the call over to the operator for questions. </font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Richard Howe Final Comments: </font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:180%;text-align:left;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">I would like to thank everyone who joined us on today&#8217;s call. We appreciate your continued interest and look forward to reporting our Q3 results in November. </font></div><div><br></div><div></div>	</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>a2019q3callscriptfina_image1.gif
<TEXT>
begin 644 a2019q3callscriptfina_image1.gif
M1TE&.#EA]01H ?<           $! <#%M,7%Q;O&G\;&QK7'B,?'Q[#(=,C(
MR*S)8\G)R:K*5LK*RJ?+2:C+3LO+RZ;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,
M1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,
M1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,
M1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,
M1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,
M1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,
M1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,
M1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,
M1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,
M1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,
M1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,
M1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1:;,1J;,
M1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1*;,1,S,S,W-
MS<[.SL_/S]#0T-'1T=+2TM/3T]34U-75U=;6UM?7U]C8V-G9V=K:VMO;V]S<
MW-W=W=[>WM_?W^'AX>+BXN/CX^3DY.7EY>;FYN?GY^CHZ.GIZ>KJZNOKZ^SL
M[.WM[>[N[N_O[_#P\/'Q\?+R\O/S\_3T]/7U]?;V]O?W]_CX^/GY^?KZ^OO[
M^_S\_/W]_?[^_O_______R'Y! $     +     #U!&@!0 C^ /T)'$BPH,&#
M!P$H7,BPH<.'$"-*G$BQHL6+&#-JW,BQH\>/($-R?$.RI,F3*%.J7,FRI<N7
M,&/*G$FSILV;.%&*W,FSI\^?0(,*'4JTJ-&C2),J71H1H=.G")E*G4JUJM6K
M&'-JW<JUJ]>O8,/*Q$JVK-FS:-.J7<NVK46H<.&ZG4NWKMV08O/JW<NWKU^8
M=P,+'DRXL.'#=N,JCHJXL>/'1O]*GDRYLF66D#-KWLRYLV>TBT,3_$RZM.G3
MJ%.K7LVZM>O7L&/+GDV[MNW;N'/KWLV[M^_?P(,+'TZ\N/'CR),K7\Z\N?/G
MT*-+GTZ]NO7KV+-KW\Z]N_?OX,/^BQ]/OKSY\^C3JU_/OJ'H]_ 9MY]/OS[O
M^/CS"Z2O/^[2_@ ^U5: !!:H7V,&)EA?@@81Q2!4]DGTH%.D36CAA?Y5A^%_
M&!J85(<@AJA872(&F-Z&0Y5(H7HJ)D18BS#&F&%Q*'XH(WX\W:CCCONEQ2-\
MYM48U(\#C4>D/VP=J>22\MTFY%%,SHA1E"ON1*6+5UTI8'E/_A1E=TQFJ:64
M1HTI%VQ="M8A13<BIJ-F:W)Y(6@A7E?G@%^61F5J::HYIWL@NM8B9'UZ5RA6
M(CYWIX\_!M=H9X<F]N>$O96(X)_D14I6HL@M6M:;U+7YF*9TF8GD<9Z^B*F1
MJ[K%J:/^@7X*8Z:S&D;J7&%&%ZNJ%@;9:JFIXA8L58,NJ**?O;K)(W9Q\DJI
MG,D.]BIMPTIE:81-3>OJK]+*".:M:H%K)[>!:<O:KF*BBVU%YC(:K:W'@M<L
MLL_2^JZR\YZFKE75KOM6OXB26VZ[W]Y[E[C6(4SBOILQ7)7#_FX$<;KUPIMO
M> J;E?%T&R]\\:4=I_AQQ!]-3*S !X_\7<@4/^BKP0V;[#'*#ZM,LD<R,\6R
MK#077/' ,*_<,Z$YNSMTS4??K)'-4^V\:=+:.7URT(9"/6K1+?^\%M-*<\2U
MSE9O'?:X5.,ZMG1?0XJU4@ ;77;72Z?-]METOEVUW4G2K:C^W)X1/#??9ZT-
M=[92>ZFWQH>CG3C26G/G][F"6PFXV),/OE#D2!7.[^+0:0XVWAQ?:UO;DGO^
M=.5*D\ZXR_@V+I[I?X/N7(R[J2XQZI)BCNWCI[L.M._R<MXT[L+MZ)OM;!+?
M+?+&ZFZM\)O+'C7TS\,^VY&PHNZ\8_&NV_W,K!]F?7+CVU@^GWL.9_OVG-6*
MGOOTAF\Q\$)+3[GRJREH_^@VXV^:MXZ#'X>:-"7J38U^=T,@^/R7F7<9$'*M
M8B $ :@<XY6I01TA( #.9SX%!G!_VRK69_SV0$&92H/+P5YME)2Y@A"N1X J
M$D1<N$'FU<V#V^'=[Y9U/PHF3X+^LCGAJ;)C)O%IZ8!#G.%B?H@D(8XF=O*#
MEA,#Y\0JBJ9D5@QB^J1HQ2[:$$HT?$@8+S?&&,(PBU!D$(NJB"<OGG!(;*06
MD;SGQCHN<7E/Q!D&7WC$-"JH/6_<H1V_Z)- \H]VEA/C(/.4OQ'!D8<=C**_
MYABS16ZI=:+*C>@2&1)+ BF!:N0DMBY#RE*:\I1:$:4J5ZDO$+*R.ZB,I2QG
M.<M7VO*65\,A+F%)RU[Z\I=\V:4PAYD[21)3/,!,IC*7>9-C.O.9T(RF-*=)
MS6I:\YK8S*8VM\G-;GKSF^ ,ISC'2<YRFO.<Z$RG.M?)SG:Z\YWPC*<\YTG/
M>MKSGOC^M \'%0FJ7'IRCW"R(,DX:,Q=AK(U_[QC_719NCZN+J$,Y=F8UD-0
M'P(2D=R#*"136,*)Q!$H&F5DN#YJKXC&;:.L$F@(0SI(X.S3(5W$(DO1*%$A
MOLRD&<F5SQ[5NYGZ%(4F=&7 D,="MZG4B(0,G5 +*<*$?<^H6TQ9$1NY5,11
M[:GM$R F#YI2G%Z0??<!JX.*JD45CK"C ZP86@N#56<5%)1<A:I7A05$IF:2
M?/TD6E5KJC\/J2^I5-SK[-9JUY>JS; %Q.CTM(K'MTI5IQQ%K% D6RG"@E2L
MJ,%LCIIZ'LX^UK'%1.G>*&LXP3:'M)NM:T!1RT?5,FN3P#+^;=8\JR'6-A2T
M.;1L40";5=O"5(=TY*T?_8K4MKY6MY-%[F]\6UCECI2Y9G3N0J7K->H^4KC,
M@:Y,Y]HYZXY5LV9S[79ENSOPEI:[?"4O7M6;5MPN%KT]]"X8Q3M>^*:.OIV4
M;W/M>UK]YI>]G?+O5_'[.>WR4\ EY>]^_UA<!6<7P7H$,*H@/%\#9Y# _Z7P
MZS!<70D7V,&1!?%P"W13]S;0O+OEL$A4'"$6YU3#]65PB>/Z61I/U\25M+ 2
M=<PN%_.'QPH!\H4]'& B#QC'M15R>XU\.R7W&,;!$[*33RKB"D+YQ4Q>+HK9
MNF4L7YG*69Y/ES.,Y+R%^:]GOF[^F;N+W=52=LS5FW*H? QF&\?/SAC[\D7H
M?#W:EK6B<H[QFF_6YN]6^<-XCO*A*[QHNBK6T::#<V#Y?%Q*-[G1D4STC65\
M9TU;^:BZP:ZEARIILA6ZA6DV]*"=FNK+!KK3H*XLPDH=6EJ'^-1+YK1;/;U3
M7J]4S^&]DG%D-NI@PW;3ME:UKW^][/>N^H;%CJU?@;U .[]ZTHP=[*-%9B()
M43NQF*;1M[T,W,,:;-S5_N.UC6U16>>5VS(,\A4/'.]HW[;91%PWN+?=6-+I
M6]HVG?.2,@M91B?QM_&.+A]K2%*#Z[JK 9^M2'LRT3J;"DU3A:LAD;AQ)'HT
MCPQ/^([^]Q/3$1/H1#3%]D_-2N:+_YGE*%^Y1ME-[Y$G'*#R[OB1\9U;G<=7
MYN$FH\]?P]/[ GW@)[XD0R!D<9CO_.$4%7:#CUXE:"/=27[&)=7[D\^N*R[C
M7@^[JR,>\V>+W3/,3+O:UWZ2L[M]PT%_>UW83O>Z U/N>/^@V?/^&+O[_>^G
MY+O@6;WWP1\&\(A/O&0,SW@V%[[Q@U&\Y"<?%LA;_M./O[Q=*,_YSN-$\Z G
M#KI#CQ?/F_[T+B&]ZH_7ZM4O!?6PC[U)7$_[VMO^]KC/O>YWS_O>^_[WP ^^
M\(=/_.(;__C(3[[RE\_\YCO_^="/OO2G3_WJ6__ZV,^^]K?^S_WN>__[X ^_
M^,=/_O*;__SH3[_ZU\_^]AL^Z^Z/?W^-*W^YIKS^^%?-S&<,=7@7O=9 EW1.
M=U%,EFQZ%W?IM74X1WB91VX%1VH*2":"]("=15C\)F;P-S\1""!?AX!"!W:9
MMH'Y46-2]SX6>%=1=X$D*(+_]G/$A6I#1W$LB&X-!W$\UW09J'$Y:'4S&&MA
MU7KWMV(]2'\2YU )=H,.B(**]F[V-X04>$@>F'-3!!).Z(,/Y7)'V'_W9H65
M)EH06(5!^')(*&@5=VE@R(6(AH4VJ(5">'7.]G\<!U'_PE)]!H1AZ&U/Z'!P
M&&=D!W>8%E6F-H A6(8J1XA4%87^8P<Z:-B$QZ:!K5<[,$:$\V> $0:(6^6&
M_S-Z3 1:V>:(C3AU;-ASB#B']E8AE-AA@IB)9&6*CYB(UH9K %=NZ49B7#2&
M3S>*>G**2:B$*T1)YM: T?,SI=A3P[B%+^B'P*AFK=@WQ8AP3.A27@@RN'A>
MX;.,[*:)FVB+CI>,RFB->B5ES[A>[0:*Q[AKTZ:-Z*.+W5B.2XB.,(B-SW5E
MO-B!.QB+H6B/E@B-S5B)W%ADTVB&\)B [BB#G=B%LFAF_TB0^2AZZKA@[(AL
MM#B+]PB%WNB,!VF0#9E:":F1JWAK&]ER$XF1#XF0+1B' \F1&:F/G\AL(=E&
MOKB-'TG^AB=7BRUI5?O(@_W(CS?I;BFIDS7I@@4YB3'IDR/9:S]IDP'YCD,9
M<CTICCOY<15IC)*H;4GY@3DY;%5IE5FYCB<)DE'Y8+"H;$?)B$]Y5EM9DLSX
ME538E )9E+FVE$(Y>FA);RN99&J)BE<I;G<IDV/I3Q1VD9,4EJ[8EX58EJJX
MES@XDUGHEBO8E1/HF&O)EH&(F!8)F<-3EY-IF8,8D6O(F(VIF21YEX))@'(V
MEY6YE=^8E[?(F<@(FE>HFH5)F(,)FVMDF*897:B9FJZYFHK9F:R949+I?W#)
ME)0IDKO)EQQXB;29/<.YB[_9CK+IDKF)A_)HF)FYG  9G<3^B)TJR9VS^9P0
MV9LY-IVXZ9W[UIP'B)ZWN736>8CFZ9#@J8/QZ9?%B9?UV9[Y!H[UF9CBZ9O]
M"8">F9_H^9W:&8S[&9RM^9Y/-J#\V6W\%Z#QJ*"A1IZD.)>CB9(26IN4N9Y:
M>9P,N9\+FJ&0)J)\"*(VQZ =6J")M),<*H4H.D$D&IDOFHXS2HURB:#46:,"
MVIPM2IPJ2I4QBIQ<1Y,0*H#CAJ-0::*BR*/DV:-&ZJ'"^:-.&:0F":7V2:7G
MB:4):J7.^9^P-I_AZ:!?ZJ5&*:5C6J1*J:5[AI_&B:9Z"*82*:9$"J>A::98
MZ:1"*J=5ZJ9M2:<&I60]BJ?T::?^FTFF;ZBC*5:*2-JE?GI+B^JC?$J60UJ!
M2IJC7 J);)JF&?JH#:JGQ\2I@4JANDFHFMJH]"BH7GFI*4JJ::BJ#^JJ:UJI
M(0JK/$FK4FFH#)BI)A>I5VJKR86JK&>;32JJ@\JK7^BK1#>5,'J"NIJEB(IY
MU!:JLDJC:MJIDWJHS?J6KLFIMVJL+7:A&.JM?9J<E/JLI\FJFJ2"=1AIV3ID
M[<J<-#BLTTIP\WJNX@JO]9BL0,2M-DJL8BBKTFJNAUFMC(JK'AF4<H0__/JK
M"]N=V!BP!!L;Z_FN (JP"1LR#<NP&9NN@&F@R!JNIKJC'RNC]8J/\SBAD[.Q
M8NFOK C^KE%ZK\<*LZ,EL/8JL_\:C9@J+BK+FS1+K3M;GC;[FB';II[ZF4&[
MK!WIL"9&L8F*F64ZL?+:LV8IM>S)M!X[<?@*/%9;JL!:L5OKHB/;AE3[BV&;
MJF7+DD-:LK'YD%];J&T;I](U@K.*KFY+KJ]JL'![M,5*KBS;JN78M3S[MFMK
M@$!UHB*WJGA[C7H+K6=KMA'KM^+9MY#;FX!;MS\[N,F&)21[<!#;N.OZN.[J
MM$]:4));HNJFMG6JKC=KL?<&M&=BD8A;M(\YM-=)NVCKLGNJ:94[N48(I'M(
MKR]Y9#EJ<PMWN34KN]#IN8[;L468-H*[G;VK5'E(CK_;M ?^![O82[PGBY.V
M:Y?Y&J&IR+6L&[N[^[)86[O3.Z[ARVA)JG34":F&&+C7.J?1F[MGR+SP6[_Z
MI[]+:D?P>8>7"4,U5[6'JW E9[D'8H(UV+SW"U\'K*^82+\-7()&1;SGBIOD
MF[X$BKS)R[\,/,$)#+(4C''K>[<@/(ZAB:''J\']NK@'Z\'J>\+NV\(C++$X
M^V,R++J*BX/M"\,;;+=E%[_2F<,+*+_!N[KXFX)$/+^]A2/9&<'6J[PC>KYY
MRX)(2<4V_+U=L\1,U[_5J[%2_(-)ZXDR-[O;2\))O*+WFW_#9TEL/% A]<;<
MA\)R_$SAB(%CZWNRM\>H5\?;5[K^KL?'@MQY?JQ]@+QZ@YS(DE?(V7?(JJ?(
MD QXC(Q]CDQZD7S)=3?)UU?)H8?)GJQVFFQ]G QZGUS*RA3*U3?*FF?*K.Q+
MJ$Q]JGQYK3S+LO3*TQ?+ED?+NFQ*MBQ]N QYNQS,EM'+T??+C2?,R+QXQ/Q\
MQLQXR?S,P;3,SM?,A@?-UBP6TCS-J!M\U]S-7I'-S4?-@^?-Y)Q*X'S.Z)S.
MZKS.[-S.[OS.\!S/\CS/]%S/]GS/^)S/^KS/_-S/_OS/ !W0 CW0!%W0!GW0
M")W0"KW0#-W0#OW0$!W1$CW1%%W1%GW1&)W1&KW1'-W1'OW1(!W2(CW2)%W2
M)GW2*)W^TBJ]TBS=TB[]TC =TS(]TS1=TS9]TSB=TSJ]TSP-31S<T_"<N!==
MPD"-?U",T ]<U.CGOQKZGEK,97*8ECJL3\PJM]S$Q$@;U5O:O42INHI+AVZV
MB$U]G.6;Q:"[LE0GGT(MPF=\Q1&XMV*]F%Q=H>(\NF?]OSTHLG1+EV,<LT-(
MO4>LP'^HK.Q!V.9(Q *'B" HM&O<;UCLGS^]N6F<GKAKNEQ<Q%.ZURL<V.)[
MPF=*U&H=V7FZS<#[U$!YV5V<V2YLJ34<Q:@-<K?[V&$*Q#0\V=YKVF[]VI]T
MIXK=AV"LVYJ;NJV=9P48UT]KVY8-W%9=/-2UP&RMW&4DJ7W^W<%KW:OC2[3(
MC<#0'1_,;8=3B-?;'=R8R\+8.M=S2\>4[=70&]Z:+8U.[=RAR]X*Q;W#/=M8
MK9 WK-?H[=?RG<>NO=JMM=CQW=^A(=U''=JT#=ZX'9=W?+4$7MF';=Y/+,0%
M^^"IO=X^7-[5/>'[G:L-'L 6?MVMY-W?S>$A/M\?+-M>#.#YV^'2^\7:>N(+
M/IZNFM2QZD79"-^\J^(:+MI=_>&GFM^=7>+=JN.E7>, '.#3K>! /N3DC=WW
M_=PN[KLP;L1/CM84?N3MS>1%>N58/N5?3=IA[:M-#I8S_M\+2=\'GHMB3E1"
MSM^&7<4);M\A[.!UK=T^;K]O'MO^H&W7$F[GGEGF!NZOQDNV6W[CSRO<84S
M:ZZ<53[FA_[;; CF85[HK!WI8ARQV8VRK\;C?B[H[KWH%5[GFXWI>"[JUKWA
MB?VXFXYU[>GE3?SHH6[J/WS?4SWKB=[B<X[@49[B>8YFT=KG/@OJ$:[J@\[=
MI;[K4]OJOK[<6VWL3J[L$U::LH[&QNW8+![M3LSH=_VF8NZZT*XKP6[IIYWM
M R[BGTOI9OSKY0[$9>VLW\[MM,ZQ+\KL$*QG>YZSZB[GVT[&$7GGAAOO8#OO
M4TSPB"[P&/[GM0WA6A[G_([L@-UM""_IW7[P!D^1J#[P%5_IX6Z^#.^>Z#[$
M%U_D">S^W]X^\F*[\0.;\;JN\$$%9,3.VV<^WJ1>[!S(\C0O[0^_VY"M\PEO
M[H9>K6T]LPZOZ.P.OAX"])#NW^^^\^_A]/V>M4*OWD%.[O*N]%\N[*[>HDUO
MLAT?XU@_JIY+];?]\13_]3^?[_K^[5W/\;U^[,X>K)$8\B]N[[OJ\VX_]%KV
MM6W/YW@?PT?_\AI&]QYNM9VK];6J\DKN\HR+\J,>^""_E(2/OMM\^&JOM#A_
MZ8ROVIM_\IT?ZY)?]+SN^-8:]]@>\YA/^JD.^>*.NF9O\V@OY:J?Z<9K^?O>
MW:C9]R(?]K+/^FP^^+=NPIF?P35_^I.?^I]_ZCS_[+[/V+/^#_AOK_S17]C!
MW^Q1#_MVO_5CJ_M&__=P?_WICJ6B7ZX[:_OC_Z%M#O!I7_Q>R_MY/_W:[OW4
MG_VUSO[K;O7WW_S.+_]E[_Y<#O\  4#@0((%#1Y$F%#A0H8,_3V$&%'B1(H5
M'S;$F'&A18X=.VH$&5+D2)(E39;TF%*EOY,M-:Z$*='E3),Q;::DF5/GSI8W
M;?($>M GS*!%C1[=.%0E4J-*?S*%BM+IRJA)IU*MFE7KUH)7L7)]Z=4BV)QB
M?9)%"];LV+0DUU)L&S?MVXERI=*%:W<KWKQS^?;5&UBPU;\0!W<M?!ADX8^*
M'==D_%AA9,F5>R:V/)GQQ<Q -[/^C/N9<V?27$6#=DRY-.+3AE>_)K@9MFK8
MM5GSM3U0=&[(M-&>YAV<)_#4F&VWCBB<M.S7OI67=MY\]_.,G^42IY[]+O/#
MT:$C1ZV]N/'O?\67QQT<^WF#T]NZ9Q^_(7S!WI<CEZ^8.WJ\^2O;7XV^_*P+
MC4#_#D1(0+L S P_!.LC[S[S'NPNPMP4/,_ ]S2D\$$,"YSPN-8ZU(O!\=(C
ML40++^0PP_W\>C'% S^$$<7:1I011!LEW#''WU84L<7L:-2*2!^U$U+'_E@T
M\DBD3-0/2">S@I*_$,5KLJHDI\1RRQ^OG"U++H.J<K RQ_1,RB#/###&+]5$
MDSHOR6+^LT(WXV2JS@7AQ)-,/L.\D[<Y]PJT3^4&->U/R<0TE"8]KU.T44<C
MM1),]0I-%%-)F:0TJD<#8W33DS[=T%)1TS15N/4$191*34\%M%.H2-V35EBK
MD[76'F_5R=;'0EWTU2*%Y;6S5EU-E<=DBW7)5[5R918C9T^$UDQBD5TVVC:G
M+:M:%;G5-C9O:UPRW$FSO?3:*,'MEEUSGW7W,G3_BS?<>O,<]]W;RG7Q6#OO
M'55=?:T%V*U\E>1WX(#G_3=AA4<J&%*!09UXUHH?1MAA<NEB]6",(RX*Y%-%
M+I7DX2[&UV2,=T+93X9_57G3F-O==65<7^YXYF9;?E)GFW?^]KC7H-^L^6=I
MAQX69Z-U0QIF?S/FF%J-EY8Z:EVG5A9KJC53^MNBMQ:J::=]-ICGGL4&V^6N
MS_ZZ0;+Q?'OAMM-F>NTUT5;;;FSGIKMDOO>V^D:\[1V<;:W[%BAN0LU.N7":
M_T8<7KU#=MSBR8U6?+O#$<\\Z<ZYKOS<RR,_BG&A1X?:+-(="CWOP%<7%_5M
M34?U<]9;ASTDVD7?G%[9/\;]Y-_?W=W8IP'O7>+@<S]Z^>8AKWHMYA-T_O'7
M<R_>^.QG.IYHZ*=O:GNYDQ^;_+YMU[UZN-%'WGS+U>\-?O#W_;YQ]QN^'GSV
MPQK>7/$M6Y7W[N>W^LU/>/)+R/[^1*) &3%P/@B<4O>> ZSP.1!T!33@Z2 8
MMOY);H!;LR!A/K@R"4ZPA"S[7^E2F$$18E"%'<R4"Y<6P@OFCW0G/!0.N;?"
M"FYP>CJLW0B])D3,^;!L,E08!9$$Q/C!4$L\9"'U]D?#!SK1?T:$&!93I,0A
M,?&(6LPB%7_F111:L7VJBZ(8.8A$?05PBV1,GQH3",4HQ@Z,=6-CZL121SG2
M[RT_Y.(2Z>A'&V8MCW5\WAT3I\@%,K*!CJSB(;6%HPC",9)F]!PF$8E'33:Q
MD-J3Y,/Z:$<B$L^-C[1D#4LYQ$[R,96\^Z3;6LFK47(REE1S$)<"&4=(AK&6
MDQRD+U?^2< _IK&7+;SE&'.IRU>V)YCO.Z8HF[G#6;XPE$F,YARS*:=E,G.%
MTQ3@,#=)R&32:9O(E)XQJWG :XX,/'W:)3J+V45P9C">UA1G.-'(PE\"X)E'
M L]HT'1/;9ZSD?^\83V!ULX8YA.;ZRPC1'T44($.])4*W1A#^4G0'CK4@^7D
MG$')N<^T430\<>*H+3U*,(26-*64DV@007H^D9)RI88RZ4E12D:,ZG&>XSQH
M2X-ZTTS.E&[]%"J%<JI3BS*QI\KKYTY?"E.-%O6G!D1J4F>T5)DY5:M6C:DR
MITI5HIYQC^JL*C3+6DFN=I5G3[U:5)U$R6"%-:)KC594O\K^GJ4F1U2!A"LK
M:^K-P,HKK4^T*TX'J]*K2K.O%6V4$@LKV,7FB*Z^.ZRG*MNEQ"ZTLYQ]+%/A
M*<')4O:SM+PL9O&JUL;J;[.EY6MH7>-.@<'6M)EU["FC1])8K;98<K4M/64K
M6L5>*[BW]:TI4ZM:H^*OM8 \[?APZY_AR@2U93HNQ9:+U7?.+KGX;"[8@)M=
M3E67N,6MTEXAU,WY=5<ZT37L=V$U7O7VUKSG12^?R+O>[:XNH'<++W_E2]OI
M@K? W+RO=7^KJ?JRM+]'_2^ GVO(=&X4OIZ\,  37)>\%JK!SATK@1\LRP-W
M-,"XW"QC!RPXZ66X4C;\\+HB#.'^&6OV*Y<\,7*OXDH7?S'%]CMKCT&9JACO
M=K^QK;'ASB+/LTJXPO;\L3]U"] E1=F<SBER^=Q+0I.R=K9K!,Q(O9*S%;NU
MQ":6*SLK;.4K6RK-#=VR<KNL9,CBN,YO?K,)A>SC/,?WJFQNLXWZO+@Y$RZG
M0,9O(BN*9T"GZ\QH'K0PK]=H. >.TH0N]'P?"V05<[B@ F7TGE'Y:$A'6M$:
MNS2FJYQJL"9YM'V%II@K(L79AIK4DAHT1:F+(5:W.LBB?N^FI2ILPWW:C[3F
MC*W+C.M&9QK!7C+U1S<<YH&9=Z[#M7&=.0EFT=8ER[Q<=F0CW59'$RG:TI[V
ME[E<W0[^W7=O%T2VL;^]F%X'^]:E'K&1_S3O%Z<[T7)F-Y*M_6YX.].O8)8R
MO^W\9.XJ?*B'KJNS/WUOX?I;VS9+=PXWW% 1'AMT"0\QG1G>WGR3.+0ZGK+!
MC\QBBT?.XO_6;L8]R&0%?_SEGO8R;TE^<W6C6[:(#3C_> [S?LD\H3P7<,N)
M1O.>(WSH3<?WF-&*=)]N7-)&I_?3)XIU_SZ]Y@8>.E0+ONV.>YWHL)PP]KP>
M5[.W?=9\5OJH$]QPMS=&E77'N=_&3G9DL\3L9I6ZA</.=KRW7;HOI_+<!5]X
MQD^E8<96.7&M^W>@ASN_-T]ZXS'O9\0G/NA3UWSH<2)C;7_^7:7[LFG<<][D
MQ7<^YJ+G^N']S=:? Q7DL,?]Q5_/5-/;TO>IGWWE<SQ#K8,X]^2VGNHM^WG;
M'S_TWCV[*KD=_&Q;7MQ4)[WS=>TZZGL>UK:?OO9=;V^HVWGBW4?TR.D^_NR+
MGXZ#ISW$P7]^]P^\W >7Y^W8+W*=0WGSS*V_M%.SV-LZ^9L_I@M ]M(XQSLU
MJZN^X1.O_=.R!'0*G[,_PHJS UPX"CPW^O,(N+O ].L_T%.\?N/ #\PH=VLJ
M5]/ FSE!ZZ.8 60^_F,]H$(_$WQ!W;/ DQNVDFM!_<O!H3@Z%7Q  >2Q$+2O
M%XRX&8R_E0NI(!R]G:N](E2_^4-2PO(2OR0TP!5T.!J#PNB#+A:,NAW[P;L+
MN:HS/$$2PVL[PS*,/.=SPSB40PS$OCFT0Q*DO#O4PSTL0&SCPS\$OVD#Q$$D
/Q/6!P$)$1/\[Q/D)"  [

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>form8kearningsimage1.gif
<TEXT>
begin 644 form8kearningsimage1.gif
M1TE&.#EARP+< /<  *;,1,S,S&9F9IF9F?/S\T! 0(" @+S9<]/FHEE96>;F
MYDU-3;.SL]G9V7-S<\# P(V-C::FIN7EY;*RLO+R\K^_OZ6EI<WBEM[LN3,S
M,____P
M
M
M
M
M
M
M
M
M
M
M
M
M
M
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M\((;_. (3[C"%\[PACO\X1"/N,0G3O&*6WRG#S# 1+FCP@=(^N(7/V<T";@
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M09;,&EFXQYN'OZLK2)4Z'<^\$=T;$3H&,&LR (&,>DV7S 6A8^B<%*',$ 2
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MJ5)"/1_M#S=.P5H %<@1!]C.@ _ZCNQ \SZ$$."!"\2@2-!&$_\)0& M])N
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M0'\"0&A"%;I0A@I 8RAI:$07>K]X"D0!^1N  22Z485VA@ 1:*;V( !-L!!
M?!GE*$>%*9V#IK2A*ZUH9AC@@'IJSP"_>PP%9", @QH@+@408DR%.E2#$. !
M'@Q4 B#  '02U:ES-.D ',!-L22@?@)%S!F]]U2N=G4A 0!K6,%*4:^6U:P'
K$6M:S[I6MK;5K6^%:USE.E>ZUM6N=\5K7O6Z5[[VU:]_!6Q@!>O6@   .P$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
